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卫龙美味(09985):全能选手,乘风而起

Investment Rating - The report initiates coverage with a "Sell" rating for the company [1] Core Views - The company is recognized as a leading player in the snack food sector, particularly in the spicy strip market, with a market share of 28% in 2023, significantly ahead of its competitors [9][15] - The report highlights the successful price transmission and channel adjustments that have contributed to revenue growth, particularly in the vegetable products segment, which is expected to see a 59% increase in 2024 [9][39] - The report emphasizes the potential for growth in the Chinese snack food market, particularly for spicy snacks, which are gaining popularity among consumers [77][86] Summary by Sections 1. Snack Food Sector Leader - The company has established itself as a leader in the spicy strip market, with a strong brand identity and effective channel strategies [9][15] - The brand has successfully engaged younger consumers, with 95% of its customer base under 35 years old, and has created a strong association of "spicy strips = Wei Long" in consumer minds [23][29] - The company has undergone significant channel reforms since 2015, transitioning from traditional distribution to modern channels, resulting in a stable and effective distribution network [29][33] 2. Vegetable Products as a Key Growth Driver - The company's vegetable products, particularly those based on konjac, have become the largest product category, with a compound annual growth rate (CAGR) of 49.8% from 2018 to 2024 [39] - The spicy strip segment remains stable, contributing 42.6% of revenue in 2024, while vegetable products are expected to account for 53.8% of revenue [39][51] - The company has successfully implemented price increases to enhance gross margins, with vegetable products achieving a gross margin of around 50% [51][55] 3. Growth Potential in the Chinese Snack Market - The report identifies a growing trend in the Chinese snack market, particularly for spicy snacks, which are expected to continue gaining market share [77][86] - The spicy snack market is projected to reach a size of approximately 200 billion yuan, with the company positioned to benefit from this growth due to its strong brand and distribution capabilities [86][88] - The konjac snack market is also expanding, with a projected market size of over 120 billion yuan in 2024, indicating significant growth potential for the company's product offerings [91][92]